GREEN BUILDING
15
BUILDING CERTIFICATIONS 1
GREEN BUILDING GUIDELINES
Asia: Three Japanese properties achieved S-rank CASBEE scores, the highest possible rating under this Japanese certification system. These assets were recognized for energy tracking capabilities and high energy-saving performance, with plans to benchmark and set energy reduction targets in 2025. In China, our flagship property in Shanghai, The Spark, achieved GB/T 50378-2019 green building qualification. The Spark features numerous sustainability elements including energy-efficient doors and windows, solar energy systems generating approximately 40,000 kWh annually. Australia: After reporting on our goal to achieve a 4-star GBCA Green Star Design rating for our Gladstone property last year, we are pleased to announce that this milestone was reached in 2024. We continue to pursue sustainable improvements at Gladstone, implementing a real-time data monitoring and analysis system to track energy efficiency across the building. We also secured a 4-star Green Star Design rating for a development in South Yarra and are targeting a 5-star rating for our Kensington project, with a strong emphasis on energy efficiency, water sourcing, and whole life emissions reduction initiatives. Additionally, our first new-build industrial asset in Queensland, Yeerongpilly Industrial Facility Warehouse, received a 5-Star Green Star–Design and As Built v1.3 certification, representing Australian Excellence in sustainable design. This project, which is expected to reach practical completion in May 2025, reflects our commitment to delivering resource efficient buildings across asset types. Europe: We implemented AirRated certifications across six assets in 2024. A health and wellbeing focused certification, the review process involves comprehensive air quality testing across seven parameters, including carbon monoxide, moisture, and pollutants. The certification has been particularly valuable for our student accommodation assets, where health and well-being are key concerns given students spend extensive time in rooms and common areas. Of the six assets, one property achieved a Platinum rating, four achieved Gold, and one earned a Silver rating. In addition to supporting tenant health and well-being, these AirRated certifications contribute to improved GRESB performance. US: In the US, our BREEAM certification program has completed six successful certifications in 2024 with 13 more planned in 2025. We are actively scaling up BREEAM In-Use certifications across our US assets during the acquisition process, particularly in two funds. Using the initial assessment results as a baseline, we work with properties to implement sustainability improvements, with the aim of improving each property’s rating in future recertifications.
Sustainability Design Guidelines: In 2023, we began updating our sustainability design guidelines for new developments in collaboration with a global engineering firm. The 30-page technical guide has now been finalized and is a resource for our global development teams. Key additions to this version include enhanced specifications for smart building technologies. We also expanded biodiversity considerations, incorporating recommendations for biodiversity baseline surveys, native and resilient plant species, and non-toxic building materials within our development footprint. In 2025, we are working to make this guide more user-friendly for our team. The Gilbert: Our new European headquarters in London, exemplifies our commitment to sustainable building practices. The building itself was developed to be Net Zero in Construction, with 90% material retention resulting in seven times less embodied carbon compared to new construction. The property has been designed with environmental, economic, and social well-being benefits in mind, achieving a BREEAM 2015 ‘Very Good’ rating, EPC ‘B’ rating, ActiveScore Platinum certification, and WELL Health & Safety certification. As part of the design of our office space, we incorporated sustainable materials and Energy Star certified IT equipment, BREEAM Refurbishment & Fit Out ‘Very Good’ and Fitwel 2 stars certification. USPM Sustainability Playbook 2 : We began developing our sustainability playbook in 2022 as one of the first projects in our formalized US Property Management (USPM) sustainability program. The playbook functions as a flexible menu of environmental initiatives and property resources ranging from community gardens to construction and maintenance best practices, allowing property management teams to select sustainability elements that best fit their property. Currently in early roll out and implementation phases, the playbook emphasizes resident engagement opportunities that enhance community experience while delivering environmental benefits. We aim to further build out the resources offered in this playbook as our programming matures to increase adoption across our portfolio.
The Spark Shanghai, China
The Gilbert European HQ, London
1 These examples are for illustrative purposes only. It should not be expected that Greystar will always implement similar sustainability processes or that comparable results will consistently be obtained. Greystar pays a nominal fee to rating agencies to be eligible for green building certifications. 2 Playbook subject to change in Greystar’s discretion. There is no guarantee that all or any playbook initiatives will be implemented for each property.
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